TRACKING TECHNICALS - MTT BUY CALL ON COROMANDEL INTERNATIONAL
SCRIP NAME : COROMANDEL INTERNATIONAL SECTOR : FERTLIZERS Date : 7th SEPTEMBER , 2012
CURRENT TREND : BULLISH Time Horizon : 0 - 6 Months
Buy in the Range of Rs.280 - Rs.294 Stop loss :Rs.245 (ON CLOSING BASIS )
TARGET: Rs.370
COROMANDEL INTL Rs.293 : COROMANDEL INTERNATIONAL has given a triangle breakout on weekly and monthly charts. The stock has given a throwback after which it has taken support at around 280 levels. On the daily charts it has formed a Pole and Pennant formation which is a very bullish pattern. We expect the stock to cross the all time high of Rs.361 very soon . Any move above Rs.361 would be a triple top resistance breakout and any move above the resistance of Rs.361 would take the stock to a target of Rs.425 - Rs.450 is also possible in the long term.
Thanks & Regards
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